Another One Bites the Dust: Lennar Cancels Parc Huron
According to Crain’s, Lennar has canceled The Parc Huron at 469 W. Huron in River North after marketing it for only the last six months. It was supposed to be a 21-story, 221-unit building.
The sales center opened in October 2007. What is telling is how many units they sold (or didn’t sell):
Lennar began marketing units in it last October, but had signed up buyers for just five units by the end of the year, according to a report by Chicago-based consulting firm Appraisal Research Counselors. Lennar paid $9.5 million for the development site in March 2008, property records show.
Lennar’s last remaining downtown project is Library Tower, a 184-unit building under construction at 550 S. State St. Buyers had signed contracts for 125 units, or 68% of the total, by the end of 2007, according to Appraisal Research.
It’s interesting to see what is happening to downtown condo sales now that the flippers are out of the market.
Homebuilder scraps downtown condo project [Crain’s]
Downtown condo market is toast. Wait for all the supply coming online this year for the fun to begin. I suspect we will see half finished buildings and a bunch of others converted to apartments. Everyone acted like they were Trump with easy money. Lets see how our mini Trump’s are going to do this year.
If they were not asking $600,000+ with $1000/mo assmnts for a 2bd/2bth they could go a head and build and sell out. Oh well. If you can’t hit a home run, why bother swinging……